Madame Zorba, Magic Money and the Half-Maxine
As whispers became shrill rumors of a Greek default last week, it became clear that the Federal Reserve was going to “inject liquidity” into the French banks that could not find overnight funds on the open market. Markets are disciplined. The Federal Reserve magic money machine is not. When the market decided the three French banks were over-extended in Greece, and loaning them money was | Read More »
Bailout Fatigue? How about bailing out French Banks that loaned to the Greeks?
Well, get ready for the next crash — and for the Federal Reserve to start cranking up the printing presses — or, rather, creating tens and hundreds of billions via their computer keyboard. After all, why print dollars, when you can type? Printing is expensive and time consuming and typing is faster — you can create tens of billions in seconds. When French banks can’t | Read More »